(1) This section applies where the Bank of England has made a resolution company share transfer instrument in accordance with section 30(2) ("the original instrument").

(2) The Bank of England may make one or more resolution company reverse share transfer instruments in respect of securities issued by the resolution company and held by a transferee under the original instrument.

(3) A resolution company reverse share transfer instrument is a share transfer instrument which -

(a) provides for transfer to the transferor under the original instrument;

(b) makes other provision for the purposes of, or in connection with, the transfer of securities which are, could be or could have been transferred under paragraph (a).

(3A) The Bank of England must not make a bridge bank reverse share transfer instrument unless -

(a) the transferee under the original instrument is -

(i) a company wholly owned by the Bank of England,

(ii) a company wholly owned by the Treasury, or